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� � I • r � <br /> SUMMARY REPORT PURSUANT TO <br /> SECTION 33433 <br /> OF THE <br /> CALIFORNIA COMMUNITY REDEVELOPMENT LAW <br /> ON <br /> THE DISPOSITION AND DEVELOPMENT A.GREEMENT BY AND BETWEEN <br /> REDWOOD CITY REDEVELOPMENT AGENCY <br /> AND <br /> PENINSULA HABITAT FOR HUMAlvITY <br /> I. INTRODUCTION <br /> The California Health and Safety Code, Section 33433, requires that if a redevelopment agency <br /> wishes to sell or lease property to which it holds title and if that property was acquired in whole <br /> or in part with property tax increment funds, the agency must first secure approval of the <br /> proposed sale or lease agreement from its local legislative body after a public hearing. A copy of <br /> the proposed sale or lease agreement and a summary report that describes and contains specific <br /> financing elements of the proposed transaction shall be available for public inspection prior to <br /> the public hearing. As contained in the Code, the following information shall be included in the <br /> summary report: <br /> 1. The cost of the agreement to the redevelopment agency, including land <br /> acquisition costs, clearance costs, relocation costs, the costs of any improvements <br /> to be provided by the agency, plus the expected interest on any loans or bonds to <br /> finance the agreement; <br /> 2. The estimated value of the interest to be conveyed or leased, determined at the <br /> highest and best use permitted under the redevelopment plan; <br /> 3. The estimated value of the interest to be conveyed in accordance with the uses, <br /> covenants, and development costs required und�r the proposed agreement with <br /> the Agency, i.e., the reuse value of the site; <br /> 4. An explanation of how the sale or lease of the property will provide housing for <br /> very low-, low-, or moderate-income persons; and <br /> 5. The purchase price or sum of the lease payments that the lessor will be required to <br /> make during the term of the lease. If the sale price or total rental amount is less <br /> than the fair market value of the interest to be conveyed or leased, determined at <br /> 18610.001\028-005.doc, 2/11/2005 Keyser Marston Associates, Inc. <br /> Page 1 <br />